China’s Crude Imports and Refining Increased After the Maintenance
China’s oil imports and crude processing rose last month as refineries returned from seasonal maintenance, while net exports of fuel products rose after the allocation of a new quota. Inbound oil shipments rose to 9.83 million barrels per day, the highest level since May, according to Bloomberg calculations based on government data released Monday. Crude […]
Oil Extends Losses due to the Global Slowdown and the Possibility of Increased Supply
Oil fell for the third day. A deepening global slowdown appeared to coincide with a surge in supply from OPEC producers. West Texas Intermediate futures fell toward $88 a barrel after falling about 5% in the previous two sessions. Growing signs of an economic downturn filtered through markets on Monday. Bearish U.S. data, including cooling […]
Oil prices fall as recession fears trump tight supply
Oil prices fell on Monday, continuing last week’s losses. As concerns about slowing global economic growth overshadowed supply shortages. Brent crude futures were down 50 cents, or 0.44%, at $112.62 a barrel at 1429 GMT. The previous month’s prices fell 7.3% last week for their first weekly drop in five. U.S. West Texas Intermediate crude […]